Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The fundamentals have limited support for futures prices, and it is expected to be mainly weak in a volatile manner [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 77,500 yuan, down 850 yuan; SMM industrial - grade lithium carbonate average price is 75,200 yuan, down 850 yuan [1] Futures Contracts - Carbonate lithium 2509 closed at 73,280 yuan, down 3.98%; carbonate lithium 2510 down 4.37%; carbonate lithium 2511 down 4.3%; carbonate lithium 2512 down 3.97%; carbonate lithium 2601 down 3.79% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) is 887 yuan, down 11 yuan; lithium mica (Li20: 1.5% - 2.0%) is 1205 yuan, down 25 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1920 yuan, down 30 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6365 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7390 yuan, down 85 yuan [1][2] Cathode Materials - Lithium iron phosphate (power type) average price is 34,600 yuan, down 205 yuan; ternary material 811 (polycrystalline/power type) is 145,900 yuan; ternary material 523 (single - crystal/power type) is 118,900 yuan; ternary material 613 (single - crystal/power type) is 123,925 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2300 yuan; the spread between battery - grade lithium carbonate and the main contract is 4880 yuan, up 2090 yuan; the spread between the near - month and the first - continuous contract is 40 yuan, up 60 yuan; the spread between the near - month and the second - continuous contract is 20 yuan, down 100 yuan [2] Inventory - Total inventory (weekly, tons) is 141,136 tons, down 407 tons; smelter inventory (weekly, tons) is 43,336 tons, down 3510 tons; downstream inventory (weekly, tons) is 52,800 tons, up 1293 tons; other inventory (weekly, tons) is 45,000 tons, up 1810 tons; registered warehouse receipts (daily, tons) is 32,007 tons, up 810 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 76,333 yuan; the profit of purchasing lithium spodumene concentrate externally is 50 yuan; the cash cost of purchasing lithium mica concentrate externally is 80,138 yuan; the profit of purchasing lithium mica concentrate externally is - 5811 yuan [3] Industry Events - A meeting on the lithium iron phosphate material branch council was held to discuss solutions to over - capacity and low - carbon transformation paths [3] - With the successful renewal of the xy safety license, the production of Jiangxi mica mines has been further reduced; downstream battery manufacturers' production schedules in September have increased, but downstream returns have weakened the transmission of increased demand [3]

Report Industry Investment Rating - No information provided Core View of the Report - With the smooth renewal of the xy safety license, the production of Jiangxi mica mines has been further reduced due to disturbances. On the demand side, the production schedule of downstream battery manufacturers in September has increased, providing some support for prices. However, downstream returns have weakened the transmission of increased demand. Overall, the fundamentals provide limited support for futures prices, and prices are expected to be mainly volatile and weak [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 79,650 yuan, down 350 yuan; the average price of SMM industrial - grade lithium carbonate is 77,350 yuan, down 350 yuan [1] Futures Contract Prices - The closing price of lithium carbonate 2509 is 77,000 yuan, down 0.16%; the closing price of lithium carbonate 2510 is up 0.26%; the closing price of lithium carbonate 2511 is 77,180 yuan, up 0.39%; the closing price of lithium carbonate 2512 is 76,920 yuan, up 0.65%; the closing price of lithium carbonate 2601 is 76,640 yuan, up 0.66% [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 894 US dollars, up 5 US dollars; the price of lithium mica (Li20: 1.5% - 2.0%) is 1,250 yuan, up 45 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 1,975 yuan, up 60 yuan; the price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6,550 yuan, up 175 yuan; the price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7,650 yuan, up 150 yuan [1][2] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 35,115 yuan, down 90 yuan; the average price of ternary material 811 (polycrystalline/power type) is 145,900 yuan; the average price of ternary material 523 (single - crystal/power type) is 119,100 yuan; the average price of ternary material 613 (single - crystal/power type) is 123,925 yuan [2] Price Spreads - The price spread between electric carbon and industrial carbon is 2,300 yuan/ton; the price spread between electric carbon and the main contract is 2,470 yuan, up 610 yuan; the price spread between the near - month and the first - continuous contract is - 240 yuan, down 140 yuan; the price spread between the near - month and the second - continuous contract is - 180 yuan, down 180 yuan [2] Inventory - The total inventory (weekly, tons) is 141,136 tons, down 4,070 tons; the inventory of smelters (weekly, tons) is 43,336 tons; the inventory of downstream enterprises (weekly, tons) is 52,800 tons, up 1,293 tons; the inventory of others (weekly, tons) is 45,000 tons, up 1,810 tons; the registered warehouse receipts (daily, tons) is 29,887 tons, up 930 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 76,733 yuan, and the profit is 1,779 yuan; the cash cost of purchasing lithium mica concentrate is 81,407 yuan, and the profit is - 4,973 yuan [3] Industry Event - A meeting of the Lithium Iron Phosphate Material Branch Council was held on August 22, with 13 participants including industry association officials and representatives from 10 lithium iron phosphate industry chain enterprises. The meeting discussed solutions to industry over - capacity and low - carbon transformation paths [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of lithium carbonate is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. Due to the price rebound, the supply increase in July is large, deepening the oversupply situation and dragging down the price increase. There are no signs of production cuts in the ore segment. It is expected that the downward pressure on the futures price of lithium carbonate will intensify as the purchasing pace slows down [3] Group 3: Summary of Related Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 63,300 yuan, with a daily increase of 400 yuan; the average price of SMM industrial - grade lithium carbonate is 61,700 yuan, with a daily increase of 400 yuan [1] - The closing prices and price changes of lithium carbonate futures contracts: Li2507 is 64,700 yuan, up 0.59%; Li2508 is 64,680 yuan, up 0.12%; Li2509 is 64,400 yuan, up 0.16%; Li2510 is 64,160 yuan, down 0.03%; Li2511 is 64,080 yuan, up 0.22% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 666 yuan, with a daily increase of 8 yuan; the average price of lithium mica (Li2O: 1.5% - 2.0%) is 820 yuan, with a daily increase of 20 yuan; the average price of lithium mica (Li2O: 2.0% - 2.5%) is 1385 yuan, with a daily increase of 30 yuan; the average price of lithiophilite (Li2O: 6% - 7%) is 4500 yuan, with a daily increase of 75 yuan; the average price of lithiophilite (Li2O: 7% - 8%) is 5340 yuan, with a daily increase of 80 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,950 yuan, with a daily increase of 100 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,780 yuan, with a daily increase of 20 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,955 yuan, with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,255 yuan, with no change [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 1100 yuan, with a change of - 120 yuan; the price spread between the near - month and the first - continuous contract is 280 yuan, with a change of - 80 yuan; the price spread between the near - month and the second - continuous contract is 520 yuan, with a change of 20 yuan [2] Inventory - The total inventory (weekly, tons) is 138,347 tons, with an increase of 1510 tons; the inventory of smelters (weekly, tons) is 58,890 tons, with a decrease of 142 tons; the inventory of downstream enterprises (weekly, tons) is 40,497 tons, with a decrease of 138 tons; the inventory of other sources (weekly, tons) is 38,960 tons, with an increase of 1790 tons; the registered warehouse receipts (daily, tons) is 13,281 tons, with an increase of 626 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 62,506 yuan, and the profit is - 76 yuan; the cash cost of purchasing lithium mica concentrate is not clearly stated, and the profit is - 6886 yuan [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing [3]

Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate futures price is expected to decline in the short term, and there is a possibility of a negative feedback loop between the lithium carbonate price and the ore price in the later stage [3] Summary by Relevant Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 59,900 yuan/ton, down 50 yuan/ton [1] - SMM industrial - grade lithium carbonate average price is 58,300 yuan/ton, down 50 yuan/ton [1] Lithium Futures Prices - Lithium carbonate 2507 closed at 61,020 yuan/ton, up 2.01% [1] - Lithium carbonate 2508 closed at 60,900 yuan/ton, up 2.66% [1] - Lithium carbonate 2509 closed at 60,700 yuan/ton, up 3.06% [1] - Lithium carbonate 2510 closed at 60,580 yuan/ton, up 3.17% [1] - Lithium carbonate 2511 closed at 60,500 yuan/ton, up 3.28% [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) price is 617 yuan/ton, unchanged [1] - Lithium mica (Li20: 1.5% - 2.0%) price is 665 yuan/ton [2] - Lithium mica (Li20: 2.0% - 2.5%) price is 1190 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) price is 5225 yuan/ton, down 335 yuan/ton [2] - Phosphorus lithium aluminum stone (Li20: 7% - 8%) price is 6075 yuan/ton, down 390 yuan/ton [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,160 yuan/ton, down 15 yuan/ton [2] - The average price of ternary material 811 (polycrystalline/power type) is 142,760 yuan/ton, up 10 yuan/ton [2] - The average price of ternary material 523 (single - crystal/power type) is 114,175 yuan/ton, up 50 yuan/ton [2] - The average price of ternary material 613 (single - crystal/power type) is 120,375 yuan/ton, unchanged [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton [2] - The price spread between battery - grade lithium carbonate and the main contract is - 800 yuan/ton, down 1630 yuan/ton [2] - The price spread between the near - month and the first - continuous contract is 120 yuan/ton, down 240 yuan/ton [2] - The price spread between the near - month and the second - continuous contract is 320 yuan/ton, down 280 yuan/ton [2] Inventory - The total inventory (weekly, tons) is 134,901 tons, up 1352 tons [2] - The smelter inventory (weekly, tons) is 58,625 tons, up 972 tons [2] - The downstream inventory (weekly, tons) is 40,366 tons, down 320 tons [2] - The other inventory (weekly, tons) is 35,910 tons, up 700 tons [2] - The registered warehouse receipts (daily, tons) is 22,375 tons, down 4404 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 60,012 yuan/ton, and the profit is - 948 yuan/ton [3] - The cash cost of purchasing lithium mica concentrate is 64,430 yuan/ton, and the profit is - 6856 yuan/ton [3] Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The production of lithium carbonate in April was basically stable, the production of cathode materials increased slightly, and the supply - demand imbalance narrowed. Social inventories continued to accumulate, and the raw material inventory in the downstream link was at a high level. In the short term, downstream procurement still followed the long - order and customer - supply models, and the futures price was expected to fluctuate weakly [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate had an average price of 69,950 yuan/ton, down 450 yuan; SMM industrial - grade lithium carbonate had an average price of 68,200 yuan/ton, down 450 yuan [1] - The futures contracts of lithium carbonate (2505, 2506, 2507, 2508, 2509) all showed price increases, with increases of 0.96%, 1.11%, 1.14%, 0.84%, and 0.78% respectively [1] Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) had an average price of 795 yuan/ton, down 5 yuan [1] - Lithium mica (Li20: 1.5% - 2.0%) had an average price of 950 yuan/ton, down 30 yuan; lithium mica (Li20: 2.0% - 2.5%) had an average price of 1610 yuan/ton, down 30 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) had an average price of 6700 yuan/ton; phospho - lithium - aluminum stone (Li20: 7% - 8%) had an average price of 7875 yuan/ton, down 75 yuan [2] Cathode Materials - The average price of lithium iron phosphate (power type) was 32,650 yuan/ton, down 125 yuan; the average price of ternary material 811 (polycrystalline/power type) was 146,650 yuan/ton, down 50 yuan; the average price of ternary material 523 (single - crystal/power type) was 117,685 yuan/ton, down 100 yuan; the average price of ternary material 613 (single - crystal/power type) was 123,955 yuan/ton, down 50 yuan [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate was 1750 yuan; the price difference between battery - grade lithium carbonate and the main contract was 970 yuan, down 1590 yuan; the price difference between the near - month and the first - continuous contract was 60 yuan, down 40 yuan; the price difference between the near - month and the second - continuous contract was 80 yuan, down 80 yuan [2] Inventory - The total inventory (weekly, tons) was 131,605 tons, an increase of 585 tons; the smelter inventory (weekly, tons) was 52,130 tons, an increase of 398 tons; the downstream inventory (weekly, tons) was 41,734 tons, an increase of 787 tons; other inventory (weekly, tons) was 37,741 tons, a decrease of 600 tons; the registered warehouse receipts (daily, tons) were 31,735 tons, an increase of 350 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally was 73,659 yuan, and the profit was - 4669 yuan; the cash cost of purchasing lithium mica concentrate externally was 75,209 yuan, and the profit was - 7893 yuan [3] Industry News - Shandong's 120,000 - ton lithium iron phosphate project was postponed. The 120,000 - ton lithium iron phosphate project of WANRUN NEW ENERGY was postponed to December 2025, and the Lubei WANRUN project had basically completed construction and was in the process of production debugging [3]